{"id":556590,"date":"2023-10-23T09:30:21","date_gmt":"2023-10-23T09:30:21","guid":{"rendered":"https:\/\/wncen.com\/?p=556590"},"modified":"2024-06-11T06:46:25","modified_gmt":"2024-06-11T06:46:25","slug":"bitcoin-sell-signal-triggered","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-sell-signal-triggered\/","title":{"rendered":"Crypto Analyst Points Out Bitcoin Sell Signal That Could Be Triggered Today"},"content":{"rendered":"<p><span style=\"font-weight: 400\">The <a href=\"https:\/\/bitcoinist.com\/is-bitcoin-fighting-crucial-levels-or-winning\/\" rel=\"nofollow\">flagship cryptocurrency<\/a>, <\/span><span style=\"font-weight: 400\">Bitcoin<\/span><span style=\"font-weight: 400\">, is fast approaching $31,000 following its gains over the weekend. Analyzing this price action, <\/span><a href=\"https:\/\/wncen.com\/news\/ethereum\/ethereum-crypto-analyst-1900\/#:~:text=If%20that%20happens%2C%20Ethereum%20could,its%20current%20price%20of%20%241%2C600.\"><span style=\"font-weight: 400\">crypto analyst Ali Martinez<\/span><\/a><span style=\"font-weight: 400\"> has predicted Bitcoin\u2019s future trajectory as he suggests that the bears could regain dominance soon enough.\u00a0<\/span><\/p>\n<h2>A Price Correction Imminent For Bitcoin<\/h2>\n<p><span style=\"font-weight: 400\">In a <\/span><a href=\"https:\/\/x.com\/ali_charts\/status\/05193805?s=20\" rel=\"nofollow\"><span style=\"font-weight: 400\">post<\/span><\/a><span style=\"font-weight: 400\"> shared on his X (formerly Twitter) platform, Martinez noted the potential <\/span><a href=\"https:\/\/bitcoinist.com\/this-valid-head-and-shoulders-pattern-could-be-devastating-for-bitcoin\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">head-and-shoulders<\/span><\/a><span style=\"font-weight: 400\"> pattern that was forming on the Bitcoin daily chart following its upward trend. This chart pattern has always been considered bearish as it suggests that a trend reversal might be on the horizon, meaning there could be a dip in prices soon enough.\u00a0<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-556596 aligncenter\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/Bitcoin-1-1.png?w=460&#038;resize=460%2C259\" alt=\"Bitcoin 1\" width=\"460\" height=\"259\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/Bitcoin-1-1.png?w=512 512w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/Bitcoin-1-1.png?w=460 460w\" sizes=\"(max-width: 460px) 100vw, 460px\"><\/p>\n<pre style=\"text-align: center\">Source: X<\/pre>\n<p><span style=\"font-weight: 400\">Confirming this assumption, Martinez stated that the daily chart (which he shared alongside the post) \u201chints at a possible sell signal emerging tomorrow [October 23].\u201d According to him, this prediction is backed by the TD Sequential indicator, which is flashing \u201ca green 9 candlestick.\u201d The <\/span><a href=\"https:\/\/bitcoinist.com\/market-timing-wizard-behind-td-signal-warns-of-bitcoin-reversal\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">TD Sequential indicator<\/span><\/a><span style=\"font-weight: 400\"> helps traders identify the exact time of a potential reversal.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Martinez also alluded to the <\/span><a href=\"https:\/\/bitcoinist.com\/xrp-momentum-smashes-above-six-year-long-rsi\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Relative Strength Index (RSI)<\/span><\/a><span style=\"font-weight: 400\">, which he mentioned has reached 74.21. He noted that this has been \u201ca level triggering sharp corrections since March.\u201d An RSI of over 70 also suggests that Bitcoin may be overbought with a price correction imminent. This impending price correction can only be averted if Bitcoin manages to clock \u201ca daily candlestick close above $31,560.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">As of the time of writing, Bitcoin is trading at around $30,700, up by over 2% in the last twenty-four hours and a further 10% in the last seven days.\u00a0<\/span><\/p>\n<h2>Options Market Could Contribute To Bitcoin\u2019s Upward Momentum<\/h2>\n<p><span style=\"font-weight: 400\">In a <\/span><a href=\"https:\/\/x.com\/intangiblecoins\/status\/32861622?s=20\" rel=\"nofollow\"><span style=\"font-weight: 400\">post<\/span><\/a><span style=\"font-weight: 400\"> on his X platform, Alex Thorn, Head of Firmwide Research, highlighted the role that options traders (short gammas in particular) could play in driving Bitcoin\u2019s price higher in the short term.\u00a0<\/span><\/p>\n<pre style=\"text-align: center\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-556597 aligncenter\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/Bitcoin-2-1.png?w=460&#038;resize=460%2C223\" alt=\"Bitcoin 2\" width=\"460\" height=\"223\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/Bitcoin-2-1.png?w=512 512w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/Bitcoin-2-1.png?w=460 460w\" sizes=\"(max-width: 460px) 100vw, 460px\">Source: X<\/pre>\n<p><span style=\"font-weight: 400\">He noted that the <\/span><a href=\"https:\/\/bitcoinist.com\/the-options-market-thinks-theres-a-9-chance-bitcoin-hits-all-time-highs-in-2020\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">options market<\/span><\/a><span style=\"font-weight: 400\"> makers in Bitcoin are \u201cincreasingly short gamma as BTC spot price moves up.\u201d This current positioning could help \u201camplify the explosiveness of any short-term upward move in the near term,\u201d considering that these short gammas have to buy more Bitcoin to stay \u201cdelta neutral\u201d as Bitcoin\u2019s price continues to rise.<\/span><\/p>\n<p><span style=\"font-weight: 400\">From his analysis, Thorn was simply explaining that the option market makers will have to place \u2018buy orders\u2019 to hedge against <\/span><a href=\"https:\/\/bitcoinist.com\/options-traders-are-nearly-all-long-on-bitcoin-what-this-means-for-btc\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">their short positions<\/span><\/a><span style=\"font-weight: 400\"> as Bitcoin\u2019s price continues to climb, thereby adding to <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-at-risk-of-seeing-major-downside-as-buying-pressure-evaporates\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">buying pressure<\/span><\/a><span style=\"font-weight: 400\">, which could cause the crypto\u2019s price to rise higher.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Meanwhile, he believes that the <\/span><a href=\"https:\/\/bitcoinist.com\/options-traders-are-nearly-all-long-on-bitcoin-what-this-means-for-btc\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">long gammas<\/span><\/a><span style=\"font-weight: 400\"> could provide a safety net for Bitcoin\u2019s price in the event of a price reversal. These long gammas would have to buy back spots in order to remain delta-neutral, thereby providing support and helping resist any further decline (in the short term, at least).\u00a0<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/Q1eD7vHL\/\" alt=\"Bitcoin price chart from Tradingview.com (crypto analyst)\" width=\"2670\" height=\"1758\"><\/p>\n<pre style=\"text-align: center\">BTC bulls running out of steam | Source: <a href=\"http:\/\/Tradingview.com\" rel=\"nofollow\">BTCUSD On Tradingview.com<\/a><\/pre>\n<div class=\"disclaimer-shortcode\">Featured image from Crypto Buyers Club UK, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The flagship cryptocurrency, Bitcoin, is fast approaching $31,000 following its gains over the weekend. Analyzing this price action, crypto analyst Ali Martinez has predicted Bitcoin\u2019s future trajectory as he suggests that the bears could regain dominance soon enough.\u00a0 A Price Correction Imminent For Bitcoin In a post shared on his X (formerly Twitter) platform, Martinez noted the potential head-and-shoulders pattern that was forming on the Bitcoin daily chart following its upward trend. This chart pattern has always been considered bearish as it suggests that a trend reversal might be on the horizon, meaning there could be a dip in prices soon enough.\u00a0 Source: X Confirming this assumption, Martinez stated that the daily chart (which he shared alongside the post) \u201chints at a possible sell signal emerging tomorrow [October 23].\u201d According to him, this prediction is backed by the TD Sequential indicator, which is flashing \u201ca green 9 candlestick.\u201d The TD Sequential indicator helps traders identify the exact time of a potential reversal.\u00a0 Martinez also alluded to the Relative Strength Index (RSI), which he mentioned has reached 74.21. He noted that this has been \u201ca level triggering sharp corrections since March.\u201d An RSI of over 70 also suggests that Bitcoin may be overbought with a price correction imminent. This impending price correction can only be averted if Bitcoin manages to clock \u201ca daily candlestick close above $31,560.\u201d\u00a0 As of the time of writing, Bitcoin is trading at around $30,700, up by over 2% in the last twenty-four hours and a further 10% in the last seven days.\u00a0 Options Market Could Contribute To Bitcoin\u2019s Upward Momentum In a post on his X platform, Alex Thorn, Head of Firmwide Research, highlighted the role that options traders (short gammas in particular) could play in driving Bitcoin\u2019s price higher in the short term.\u00a0 Source: X He noted that the options market makers in Bitcoin are \u201cincreasingly short gamma as BTC spot price moves up.\u201d This current positioning could help \u201camplify the explosiveness of any short-term upward move in the near term,\u201d considering that these short gammas have to buy more Bitcoin to stay \u201cdelta neutral\u201d as Bitcoin\u2019s price continues to rise. From his analysis, Thorn was simply explaining that the option market makers will have to place \u2018buy orders\u2019 to hedge against their short positions as Bitcoin\u2019s price continues to climb, thereby adding to buying pressure, which could cause the crypto\u2019s price to rise higher. Meanwhile, he believes that the long gammas could provide a safety net for Bitcoin\u2019s price in the event of a price reversal. These long gammas would have to buy back spots in order to remain delta-neutral, thereby providing support and helping resist any further decline (in the short term, at least).\u00a0 BTC bulls running out of steam | Source: BTCUSD On Tradingview.com Featured image from Crypto Buyers Club UK, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":556601,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,656,679,1119,89185,1122,1144,78790],"class_list":["post-556590","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\n<title>Crypto Analyst Points Out Bitcoin Sell Signal That Could Be Triggered 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